Cimarex Energy (NYSE:XEC) Shares Gap Down on Analyst Downgrade

Cimarex Energy Co (NYSE:XEC) shares gapped down before the market opened on Thursday after Citigroup lowered their price target on the stock from $90.00 to $85.00. The stock had previously closed at $35.68, but opened at $38.34. Citigroup currently has a buy rating on the stock. Cimarex Energy shares last traded at $38.26, with a volume of 75,043 shares changing hands.

A number of other equities analysts have also weighed in on the stock. BMO Capital Markets lowered shares of Cimarex Energy from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $82.00 to $67.00 in a research report on Thursday, July 11th. Robert W. Baird reiterated an “outperform” rating and set a $82.00 target price (down previously from $110.00) on shares of Cimarex Energy in a research report on Wednesday, June 5th. Capital One Financial upgraded shares of Cimarex Energy from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 23rd. Williams Capital reiterated a “buy” rating and set a $83.00 target price on shares of Cimarex Energy in a research report on Monday, July 22nd. Finally, Wells Fargo & Co initiated coverage on shares of Cimarex Energy in a research report on Monday, May 20th. They set a “market perform” rating and a $86.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the stock. Cimarex Energy currently has an average rating of “Hold” and a consensus target price of $80.11.

Several hedge funds have recently added to or reduced their stakes in the company. World Asset Management Inc boosted its position in shares of Cimarex Energy by 3.2% in the first quarter. World Asset Management Inc now owns 5,457 shares of the oil and gas producer’s stock valued at $381,000 after acquiring an additional 171 shares during the period. First Citizens Bank & Trust Co. boosted its position in shares of Cimarex Energy by 2.3% in the second quarter. First Citizens Bank & Trust Co. now owns 9,633 shares of the oil and gas producer’s stock valued at $572,000 after acquiring an additional 217 shares during the period. CIBC Asset Management Inc boosted its position in shares of Cimarex Energy by 2.6% in the second quarter. CIBC Asset Management Inc now owns 11,011 shares of the oil and gas producer’s stock valued at $653,000 after acquiring an additional 275 shares during the period. New Mexico Educational Retirement Board boosted its position in shares of Cimarex Energy by 3.8% in the second quarter. New Mexico Educational Retirement Board now owns 8,300 shares of the oil and gas producer’s stock valued at $492,000 after acquiring an additional 300 shares during the period. Finally, Metropolitan Life Insurance Co NY boosted its position in shares of Cimarex Energy by 2.1% in the first quarter. Metropolitan Life Insurance Co NY now owns 14,624 shares of the oil and gas producer’s stock valued at $1,022,000 after acquiring an additional 306 shares during the period. Institutional investors own 94.94% of the company’s stock.

The business’s 50-day moving average price is $50.74 and its 200 day moving average price is $63.21. The company has a market capitalization of $3.89 billion, a P/E ratio of 5.20 and a beta of 1.30. The company has a quick ratio of 0.57, a current ratio of 0.64 and a debt-to-equity ratio of 0.56.

Cimarex Energy (NYSE:XEC) last announced its earnings results on Monday, August 5th. The oil and gas producer reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.38). The company had revenue of $546.46 million during the quarter, compared to analysts’ expectations of $594.90 million. Cimarex Energy had a net margin of 25.66% and a return on equity of 16.59%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.59 earnings per share. Analysts anticipate that Cimarex Energy Co will post 5.17 EPS for the current fiscal year.

Cimarex Energy Company Profile (NYSE:XEC)

Cimarex Energy Co operates as an independent oil and gas exploration and production company primarily in Oklahoma, Texas, and New Mexico. As of December 31, 2018, it had a total proved reserves of 591.2 million barrels of oil equivalent, consisting of 1.59 trillion cubic feet of natural gas; 146.5 million barrels (MMBbls) of oil; and 179.4 MMBbls of natural gas liquids primarily located in the Permian Basin and Mid-Continent regions.

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